Thomist Capital Management LP Invests $2.70 Million in Alcoa Co. (NYSE:AA)

Thomist Capital Management LP acquired a new stake in Alcoa Co. (NYSE:AA) in the second quarter, Holdings Channel reports. The firm acquired 67,800 shares of the industrial products company’s stock, valued at approximately $2,697,000. Alcoa accounts for 1.0% of Thomist Capital Management LP’s holdings, making the stock its 17th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. ANTIPODES PARTNERS Ltd bought a new position in Alcoa during the 2nd quarter worth approximately $93,061,000. L1 Capital Pty Ltd bought a new stake in shares of Alcoa during the 1st quarter valued at about $72,658,000. Norges Bank acquired a new stake in Alcoa during the fourth quarter worth approximately $45,730,000. ARGA Investment Management LP grew its stake in Alcoa by 202.2% during the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after purchasing an additional 997,912 shares during the period. Finally, Capital Research Global Investors lifted its stake in Alcoa by 29.8% in the first quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company’s stock valued at $69,869,000 after buying an additional 475,000 shares during the period. 82.39% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AA has been the subject of several recent analyst reports. B. Riley raised their price objective on shares of Alcoa from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research note on Wednesday, September 4th. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Bank of America reduced their target price on Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, July 18th. Finally, UBS Group raised Alcoa from a “sell” rating to a “buy” rating and upped their price target for the stock from $32.00 to $38.00 in a research note on Monday, August 12th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $40.27.

Alcoa Stock Up 1.2 %

AA stock opened at $34.38 on Thursday. The firm has a market capitalization of $6.17 billion, a PE ratio of -9.14 and a beta of 2.42. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. Alcoa Co. has a twelve month low of $23.07 and a twelve month high of $45.48. The stock’s 50 day moving average is $32.78 and its 200-day moving average is $35.62.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.05. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period last year, the business earned ($0.35) EPS. The business’s revenue was up 8.3% on a year-over-year basis. Sell-side analysts expect that Alcoa Co. will post 0.7 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Monday, August 12th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.40 annualized dividend and a yield of 1.16%. Alcoa’s dividend payout ratio (DPR) is -10.64%.

About Alcoa

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.